Uptown-Lakes Minneapolis Real Estate Market Update – December, 2008

Uptown is a unique and wonderful section of Minneapolis full of things to do and places to go!  Let’s look at real estate numbers here and see if they are just as wonderful!  First we’ll compare November of 2007 to November of this year.  There were 34.3% fewer new listings put onto the MLS, with 65 new property listings this November.  Closed sales are also down by 57.1% with 42 properties closing November of 2007 compared to only 18 properties closing November of 2008.  The average sales price in the Uptown-Lakes area went from $421,875 to $285,561 and is down 32.3%.  The percent of original list price received at the time of sale is 87.6%, which is down from 95% in November of 2007.  Average days on the market until sale are up 59.7% from last November and are currently 123 days.  There were 134 single family detached homes on the market this year, and 238 townhomes, which are up 42.6% and down 27.2% respectively.

When comparing January through November of 2007 to January through November of 2008, new listings for this part of Minneapolis did drop 27.3%.  Closed sales are down 28.8%.  The average sales price in the Uptown-Lakes area actually stayed pretty level at $379,105, an increase of 1.3%!  Average days on the market are up 34.9%, going from 92 to 124 days.  The percent of original list price received at the time of sale decreased 4%, going from 96.4% in 2007 compared to 92.5% in 2008.

Uptown is a highly sought after place to live, or even to hang out!  Looking at these statistics, it seems more people are currently staying put which is odd considering the average sales price actually increased over last year!  However, the average days on market going up and closed sales going down could be discouraging.  If you’re looking to buy a home in the Uptown area, now is the time! We have a number of agents on our team who know this part of the Minneapolis real estate market well!

I hope everyone is having an outstanding Holiday Season!

This entry was posted on Monday, December 29th, 2008 at 5:47 pm and is filed under Minneapolis Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.